insolvency
Saving Social Security Via Elimination of Fraud, Waste, and Abuse Examined
It is absolutely a noble and correct intent of the federal government to root out illegal misappropriation of funds from programs serving the taxpaying public, and it is equally noble and correct to seek a balanced budget for the country.…
Weighing the Impact of Social Security Insolvency
Most folks realize that the rapidly approaching point of Social Security trust fund depletion would invoke a catastrophe for America’s seniors, plunging millions of them below federal poverty levels. The impact would blanket the entire beneficiary landscape, affecting some 70…
“AI Apocalypse” Downplayed, Impact on Workforce Not as Great as Feared.
OpenAI CEO Sam Altman, speaking at a conference last week, publicly announced that “AI would not lead to a global ‘jobs apocalypse’ and the technology had not claimed as many white-collar jobs as he had feared.” His remarks and the…
Thoughts on Lowering the Social Security Claiming Age
This idea seems to come up frequently… if the preferred retirement age is 62, why not lower the full retirement age (currently 67 for those born in 1960 or later)? Without considering the financial plight of Social Security, that sounds…
“Uncertainty” Cited as Driver in Age 62 Benefits Claiming
Claiming Social Security benefits at the earliest possible age–62–has been the prevalent choice for many eligible Americans, and despite increased awareness of the permanent reduction in monthly benefits that comes with this step, it remains the choice for a large…
Eliminating the Taxable Maximum: An Easy Fix for Social Security? You decide.
During the early months of every year, Social Security solvency conversations frequently single out the provision that exempts wages above a limit—referred to as the taxable maximum—from the FICA/SECA[1] tax assessment. That assessment alone provides more than 90% of the…
Concerns About Social Security Instability Fuel Drop in Retirement Confidence
Given the steadily rising media attention to Social Security’s looming insolvency, it should come as no surprise that workers–and even more so, retirees–are expressing growing anxiety about their ability to manage finances in retirement. A recent study by the Employee…
Thoughts on Addressing Social Security’s Insolvency Problem
With the full depletion of Social Security’s trust funds rapidly approaching, it seems the media world is waking up to what could happen. And the more wide awake the media world becomes, the more worried those affected by what could…
Reinforcing the Crusade to Diffuse the Everlasting Social Security Myths
On the heels of yesterday’s headline post on this website, we’re delighted to share with you another enlightening post from Social Security veteran Tom Margenau. Yesterday’s article focused on one of the pervasive myths circulating continuously on social media: the…
Social Security Insolvency Needs “Attention, Not Panic”
It seems every day we see a new report on Social Security’s rapid descent toward financial insolvency, with many recent articles reinforcing the probability of a 2032 full depletion date for the trust funds. The projections for benefit cuts that…